Indonesia Seizes $725 Million From Wilmar Group Over Palm Oil Corruption

Indonesia's Attorney General's Office has seized approximately 11.8 trillion rupiah ($729 million) from Wilmar Group amid allegations of corruption involving palm oil export permits obtained in 2022. Wilmar, one of the world's largest palm oil producers, denies wrongdoing and asserts that its actions complied with prevailing regulations, stating the sum was handed over as a security deposit and will be refunded if Indonesia's Supreme Court upholds the company's acquittal. The case follows accusations that Wilmar and two other companies bribed officials during a cooking oil shortage, with the corruption reportedly causing the state losses of about 12.3 trillion rupiah. Indonesian prosecutors have appealed a prior court ruling that cleared Wilmar, and the judges who acquitted the companies were later arrested for graft. Wilmar's shares fell sharply on the news, hitting their lowest level in years, reflecting market concerns over the unresolved legal and reputational risks. The company continues to cooperate with investigations, emphasizing its compliance and the conditional nature of the seized funds.